Law 10/1991 Law Of Investing Money In Syrian Arabic Republic

Original Language Title: القانون 10 لعام 1991 قانون استثمار الأموال في الجمهورية العربية السورية

Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=16371&RID=-1&Last=10058&First=0&CurrentPage=12&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

10, 1991 law investing the money in Syrian Arabic Republic the President of the Republic based on the Constitution and approved by the Assembly in its meeting dated 11-10-1411 h l m 25-4-1991 issued: article – 1 – law applies to the investment of funds of the Syrian Arab citizens and resident expatriates and foreign nationals, Arabic States in investment projects within the framework of economic and social development plans and State policy.

 

Article II-the following expressions mean in application of the provisions of this law, meaning to each side: a-Board: Supreme Council for investment. B-Chairman: Chairman of the Supreme Council for investment c-Office: Office investment. D-project: project which was sponsored by a natural or legal person to a local or external capital or both and to be covered by the provisions of this law. -Investor: the natural or legal person who gets a licence in accordance with the provisions of this law and the competent authority: the relevant public. G-money: money contained assets from abroad by Syrian nationals or Arabs or foreign investment chapter I article 3 – application of the provisions of this law on economic and social development projects approved by the Council in the following areas: a-agricultural projects, both plant and animal including manufacture of other agricultural products. B-industrial projects available for private and shared. C-transportation projects. D-projects that the Council decides to approve the inclusion of the provisions of this law.

Article IV – project approval shall:-be consistent with the objectives of the development plan for the State. B-if possible use local resources available in the national economy. C-to contribute to the development of GDP and increase employment. D-lead to increased export and rationalize import-used machines and modern techniques appropriate to the needs of the national economy. F-fixed assets value must not be less than required in the project of machines, tools and equipment, devices and non-tourist transport and means of production permanently imported not use them exclusively in project 10 million SP and this amount may be amended by resolution of the Council of Ministers. 

 

Chapter II the Supreme Council for investment article – 5-a-higher Council for investment occurs consists of: Prime





Chairman







Deputy Prime Minister for Economic Affairs





Vice President







Minister of agriculture and agrarian reform





)







Minister of transport





)







Minister of supply and internal trade





)







Minister of economy and foreign trade





         ) Members







The Minister of industry





)







Minister of State for planning Affairs





)







Minister of finance





)







Director of the Office of investment





A decision





 

 

B-the President of the Council to attend meetings of the Board of specialists concerned with the topics of the Council without the right to vote.

 

Article 6 – the Council shall exercise the following powers: a the approval of natural and legal persons on development projects and covered by the provisions of this law and the competent authority issued pursuant to it, permits required. B-Select State common corporate capital contribution. C-licence to establish joint-stock companies and limited liability and covered by the provisions of paragraph a of this article – by a decision of the Prime Minister. D-mandated stakeholders to prepare feasibility studies for development projects in selected areas of the law.

-Adoption of external money calendar prepared by the competent authority.

 

Article-7. the Council shall meet at the invitation of the President at least once every two months and whenever necessary.

 

Article VIII – occurs by the head of the Cabinet Office for investment linked to the Deputy Prime Minister for Economic Affairs and the task of creating and raising projects referred to it by the competent authorities to the Council and to follow up the implementation of the decisions of the Council and to receive complaints from investors and work on them and do other work assigned by this Council.

 

Article – 9 – data and information provided by investors on their projects are not intended for publication or for trading. 

 

 

Chapter 3 exemptions and privileges and facilities article – 10 – project have approved exemptions and privileges and facilities and safeguards in accordance with the provisions of this law.   

 

Article – 11 – licensed projects are entitled to set them up according to the provisions of this law to import: a-all their machines and mechanisms, devices, fittings, equipment and work cars and busses minibus intended for service projects and other materials needed to establish or expand or develop them. B-tourist service cars. C-all materials and supplies necessary for the operation of projects.

 The competent authority determines the number and quality of the various modes of transport mentioned in paragraphs (up) of the article along the lines approved by the Council.

 The imports are referred to in the preceding paragraphs without complying with the provisions to stop and prevent and limit imports and import system direct from the country of origin and conditions of machining systems.  

 

Article 12 – a – exempt imports provided for in paragraph "a" of article 11 of this law – of all financial and municipal taxes and fees, and customs provided be used exclusively for the project, and not be abandoned only with the approval of the Board and after payment of taxes and fees in the current situation. B-it is not permissible to abandon the project imports specified in paragraphs (b-c) – 11 – this law or use it in other project purposes only with the approval of the Board.

 

Article 13 – a joint companies exempt licensed in accordance with the provisions of this law and its shares and funds and profits and distributions of all taxes on income from property rents tax walarsat whether you own the company to achieve its purposes and functions for a period of seven years from the date of commencement of actual production or investment according to the nature of the project.


B-exempt projects belonging to unlicensed individuals or companies in accordance with the provisions of this law and its profits and distributions of all taxes on income from property rents tax walarsat which belongs to achieve its purposes and functions for a period of five years from the date of commencement of production or investment according to the nature of the project.

 

Article – 14 – in case of overstaying a licensed project established in accordance with the provisions of this law for three years, settled for overtaking of a tax exemption provided for in paragraphs a and b of article 13 of this law.

 

Article – 15 – added by decision of the Council to the exemption period provided for in article 13 of this law if two additional export earnings of commodity or service project in foreign currency converter Syrian Arabic Republic already over 50% of the total banking apparatus produced during the waiver period.

 

Article-16-a-plus facilities established in the laws and regulations of the pieces, the investor is entitled to open for legitimate licensed in accordance with the provisions of this law, Foreign Exchange account with the commercial bank of Syria restricts credited him: 1. (100%) than is paid in foreign currency of the project capital and loans obtained in foreign currency.

2. (75%) of foreign exchange earnings from export revenues and services obtained from its activities. And restrict the debtor's side of the account mentioned the amounts required to cover all project requirements and burdens of Forex including benefits allowable converted to expatriates and foreign nationals and Arabic and working on the project of the Syrians and their judgment in accordance with the provisions of this law.

B – unlike any text becomes investor is entitled to use the foreign exchange funds in financing projects established licensed in accordance with the provisions of this law or contributing capital or buy its stock.

 

Article 17 a-puts investors Bank deposited in accordance with the provisions of paragraph a of article 16 of this law where they acted upon request and take the necessary action to achieve it. B the Bank shall calculate interest on the amounts deposited in foreign currency in the project account in proportion to the applicable interest rates.

 

 

Article – 18 – the investor may borrow from State banks for local currency guaranteed own funds according to regulations for those banks.

 

 

Chapter IV article joint ventures – 19 – a joint venture shall take licensed under the provisions of this law and the contribution of the public sector by at least 25% of its capital form a corporation or limited liability company fool.

B-the founding places the draft statute of the company in accordance with the nature of its composition and the system renders the decision of the Prime Minister after approval by the Council.   

 

Article – 20 – a – a joint company Board of Directors representing the shareholders according to the ratio of capital contribution, called the competent public sector representatives on the Board of directors by this sector owned shares.

B the Director General is appointed by the Board of Directors and the Director General shall not combine his job and the chairmanship or membership of the Governing Council.

Article 21-a-an exception to the provisions of law No 134 of 1958 and Legislative Decree No 49 of 1962 and its amendments, the Board of Directors of the company personnel system taking into account the provisions of the Employment Act No 91 of 1959, as amended by decision of the Prime Minister. B the Board shall issue the financial system and corporate accounting system based on forms prepared by the Ministry of finance. C-other company systems are issued by decision of the Board of Directors.

 

Article – 22 – updated joint ventures are exempt under the provisions of this law of nature drawing implications tax issue shares.

 

 

Chapter v special provisions article 23 external capital investment – including foreign money: a-Forex transfer from abroad by Syrian nationals or Arabs or foreigners through a bank in the Syrian Arabic Republic or one of the methods approved by Office blocks. B-machines and mechanisms, fixtures and equipment and work cars and buses, minibus and materials to establish investment projects in accordance with the provisions of this law or extended or renewed or developed as well as the materials needed to run and imported from abroad. C-profits, royalties and precautions resulting from funds investing in foreign investment projects if Zed by these projects or capital invested in other approved projects in the provisions of this law. D-moral rights which are used in projects such as patents and trademarks registered in the country of the International Federation of industrial property, or in accordance with the rules of the international registration in the international conventions on this matter. 

 

Article 24 – a – allowing investors from overseas and Syrian Arabic and foreign nationals, five years after an investment project to reconvert the net share value of foreign exchange abroad project based on the actual value of the project portal capital value not exceeding by them in foreign currency in accordance with the instructions issued by the Executive Board on this issue. B-external money transfer may be abroad in the same form in which it was received after the expiration of six months from the date of receipt if prevented his investment difficulties or external circumstances investor management time to the Council, the Council is entitled to that tuning in special situations on external money transfer abroad without the observance of the time limit. C-annual profits and allows the benefits of foreign money invested in accordance with the provisions of this law. 

 

Article – 25 – follows the Central Bank of Syria allow investor outer money transfer in accordance with the provisions of article 23 of this law with its profits and revenues outside the currency or any foreign currency convertible.

 

Article – 26 – investors may nationals of Arabic States or foreign money invested in insurance approved projects have Arabic investment guarantee corporation or any other corporation with the approval of the competent authority.

 

 

Chapter vi General provisions article – 27 –


-Propose to the competent Ministry investor requesting approval to project events and coverage the provisions of this law together with walthbotiat documents that define the components and elements and objectives of the project and the economic viability and the legal form. B-the competent Ministry to study the project and say, forward it to the Council during the period – 30-days from date of application. C-the Board issued its decision on the project duration – 30-days from the date of arrival at the request of the competent authority. D-Board is entitled to revoke a decision of approval if the project owner has not taken serious action to start the project over a period of one year from the date of issuance of the license decision unless there are justifiable reasons acceptable to the Council to extend the implementation period.

 

Article – 28 – approved project owner must include: 1. the bookkeeping trade fundamentalism under the Trade Act.

2. submit an annual budget and profit and loss account certified by a chartered accountant within four months of the end of the fiscal year for project 3-special record keeping record of all details of the project funds which enjoy under the provisions of this law with exemptions or advantages or facilities and the movement of such funds and emergency actions. 

4. provide the Board and the competent authority of the information and data required by the project.

 

Article 29 – the Board is entitled to suspend the decision of applicability of exemptions, privileges and facilities granted to the project – in whole or in part – in contravention of the entrepreneur article 28 of this law and to implement these provisions.

 

Article – 30 – a project entails customs fees and penalties in accordance with the laws and customs regulations that apply in the case of using the materials referred to in article 11 of this law is not for project or abandoned without Council approval.

B-in the event of a repeat offence stipulated in the preceding paragraph, the Council is entitled to discontinue the project benefit from exemptions and facilities and benefits specified in this law. 

 

Article 31-the Board may grant exemptions and privileges and facilities provided for in this law, except for tax exemptions to any of existing projects and subject to other obligations set forth therein.

 

Article – 32 – in case of transfer of approved projects – in whole or in part – the new owner replaces the previous owner's rights and obligations and implications under the provisions of this law, regulations and instructions and subject to capital gains arising from the sale of fixed assets into income tax profits according to the laws and regulations in force.

 

Article 33 – – continue the provisions of the Legislative Decree number 10 of 1986 for agricultural companies.

 

Article – 34-applied to tourism projects the provisions of laws and regulations.

 

Section 35 – – the provisions of Legislative Decree No. 348, 1969 in effect for projects whereby updated prior to the entry into force of this law.  

Article – 36 – under approved projects the provisions of trade law No 149 of 1949, as amended, without prejudice to the provisions of this law.

 

Article – 37 – allows for experts and workers and technicians from Arabic and foreign nationals working in one of the approved projects to convert (50%) of the net wages and salaries and remuneration and (100%) of severance pay abroad in foreign currencies.

 

Article – 38 – issued by the Prime Minister – President of the Supreme Council for investment – to implement the provisions of this law.

 

Article – 39 – this law shall be published in the Official Gazette.

 Damascus: 20-10-1411 4-5-1991 & m President Hafez Al-Assad